As you all are aware that Central Govt. and GSTN are working continuously for ease of doing business. From July 2020, to add in to those efforts, the Government has initiated the facility of filing NIL GST Return (both GSTR-3B and GSTR-1) by sending SMS
Forms 15G and 15H both are self -declaration forms by assesse to prevent deduction of TDS on your fixed deposit interest income by banks / NBFC / Financial Institutions. To avail the benefit of these forms having PAN is mandatory. Form 15G Applicability of
RELEVANT EXTRACT Facility to file annual return in Form GSTR-9 for FY 2019-20 is now available. The Form is enabled for taxpayers whose table 8A computation has been completed. Computation of the table 8A of the said return for auto population from returns is under
RELEVANT EXTRACT The Income Tax Department has carried out search and seizure operations on 03/12/2020 in the case of a Group involved in the manufacturing and trading of steel products having premises in and around Rourkela, Odisha. The Group entities were booking bogus purchases of
• What is Unique Document Identification Number (UDIN)? The Institute of Chartered Accountants of India, on noticing about the fake certifications by Non-CAs misrepresenting themselves as Chartered Accountants which misled the authorities and stakeholders, pioneered in conceptualizing a unique concept which is called "Unique Document
RELEVANT EXTRACT 1.From 1st December, 2020, onwards, the EWB generation facility is being blocked for all taxpayers, irrespective of their Aggregate Annual Turnover, for default in filing of Return in FORM GSTR-3 B or Statement in FORM GST CMP-08 for two or more consecutive Tax
RELEVANT EXTRACT The Goods and Services Tax Network (GSTN) conducted a month-long GST-n-You contest 2020 from 15th September to 15th October, 2020 on the various initiatives and reforms undertaken by the Government on GST. The entries were invited in form of videos or static creatives. The
Taxability of Lump Sum Settlement / Monthly Alimony received at time of Divorce Let’s first understand what is the meaning of divorce and type of divorce: A divorce is the legal termination of a marriage by the order of a court in a legal
Corporate Social Responsibility – CSR The compliance of the provisions of CSR under the Companies Act, 2013 i.e. constitution of CSR Committee, formulation of CSR Policy, the spending of requisite amount on CSR activities came into force from April, 2014. Applicability of CSR provisions
As you are aware that Chapter VI A of the Income Tax Act, 1961 provides for various deductions which we can claim from total income while computing the taxable income. There are some very important deductions but very commonly known but not claimed generally because
GST on Flat Maintenance Charges collected from members Maintenance charges paid by residents to the Resident Welfare Association are exempt up to Rs. 7,500. If the amount charged by Resident Welfare Association exceeds Rs. 7,500 per month per member, GST is chargeable on the
Meaning of presumptive taxation scheme As per sections 44AA of the Income-tax Act, 1961, every person who is engaged in business or profession is required to maintain regular books of account under certain circumstances. Income-tax Act has framed the presumptive taxation scheme under sections 44AD,
Meaning of presumptive taxation scheme As per sections 44AA of the Income-tax Act, 1961, every person who is engaged in business or profession is required to maintain regular books of account under certain circumstances. Income-tax Act has framed the presumptive taxation scheme under sections 44AD,
Meaning of presumptive taxation scheme As per sections 44AA of the Income-tax Act, 1961, every person who is engaged in business or profession is required to maintain regular books of account under certain circumstances. Income-tax Act has framed the presumptive taxation scheme under sections 44AD,
RELEVANT EXTRACT Who can opt for the scheme: Following registered person (hereinafter RP) can file quarterly returns and pay tax on monthly basis w.e.f. 01.01.2021 : An RP who is required to file Form GSTR 3B with AATO of up to Rs 5 Cr. in the
As a trade facilitation measure and in order to further ease the process of doing business the GST Council in its 42nd meeting held on 05.10.2020, had recommended that registered person having aggregate turnover up to five (5) crore rupees may be allowed to furnish
